Wednesday, 30 November, 2011Pages: 8 profit.com.pk

SAkInA HuSAIn

IN a regime of changed stances but repeatedcircumstances, the house is once again dividedon whether SBP will tango with the private sec-tor this time around. Although four months

may be a small time for the effects of the last an-nouncement to ensue on private credit, the net de-cline of about Rs9 billion since the beginning of thecurrent fiscal year may say something about the ef-fectiveness of policy and its makers in the economy.

If one were to go by how the previous governorreined in the much-revered SBP, the night would havebeen considered just nippy enough for another ratehike. And the reasoning would have predictably fallen

in the realm of government borrowing (outstandingstock) from SBP exceeding the prescribed and rene-gotiated limit of Rs1,150 billion by Rs75 billion in Oct-11 and Rs85 billion up till 11th Nov’11. Moreover, withinflation also expected to go up in the remaining partof the fiscal year, the balance of trade and balance ofpayments in 4moFY12 have turned deeper shades ofred to stand at $6.9 billion and $1.4 billion respec-tively. Additionally, exchange rate yesterday depreci-ated to its lowest ever to about Rs88/$ and foreignexchange reserves, the economy’s blue eyed pridehave declined by $1.3 billion during 4moFY12.

But what does one go by in the current scenario?Announcements such as a predilection and efforts to-wards a zero real interest rate really do gift the cat to the

audience. Based on CPI numbers available for Oct-11,the real interest rate stood at 1.04 per cent. Thus thesmartest of all would quickly be able to predict a 100bpscut in the discount rate, over the incoming and/or nextmonetary policy. Moreover, the continued stagnancy ofthe private sector may once again make a case for toohigh an interest rate, just ripe to be snipped off.

In the way stirring up the private sector, thegovernment ignores the message that the financialsystem transmits into the universe; “even thoughyou may not want our money, we would still like togive it to you!” evident in during and post the auc-tions the government stood out as a net retiree.Thus risk aversion seems to have become a struc-tural phenomenon. Although SBP is trying to influ-

ence private demand for funds, it may have littlecontrol over the supply side and moreover, thereseems to be an impending deficit on the latter any-way. If there had not been a shortage, then the cen-tral bank would have faced no need to inject Rs340billion through OMOs as it did on November 25th.

To come to the policy maker’s defense, it seems tobe unfairly carrying the burden of correcting this econ-omy, when most of its problems have been generatedfrom the political circles and a lack of foresight in thecurrent and past fiscal corridors. Internationally, cen-tral banks’ objectives have just been reduced to control-ling inflation only. Balancing and generating growthwith this objective is the government’s problem. Andwhy shouldn’t it be? Current expenditure eats up al-most the entire budget; if the government has to over-feed it self then sometimes it should force itsconstituents to work, a little, at least. Moreover, a les-son in history, would easily teach that if an economycould be run by fighting and funding wars all the time,then the much held onto Moghul glory would not havebeen a thing of the past. From the frail private sector’sbanner to the SBP: how can some more money at onepoint in time make up for the losses of lost decades?

govt reassures iMFon passco, tcp,usc restructuring

ISLAMABADStAff REpoRt

GOveRNMeNT has reassuredInternational Monetary Fund(IMF) that it will be taking urgent

steps to restructure state owned agenciesinvolved in commodity operations and toimprove their efficiency and financialcontrols to plug losses. An official sourcesaid Cabinet Committee on Restructuring(CCOR) will be taking decisions onreconstitution of board of directors ofPakistan Agriculture Storage and ServicesCorporation (PASSCO), TradingCorporation of Pakistan and Utility StoresCorporation (USC) to improve theirfinancial management in next few days.Restructuring plans of PASSCO, TCP andUSC are finalised and submitted to CCORfor consideration. The plans have redefinedtheir objectives and functions keeping inview domestic and international trends inthe commodity business. Proposals havebeen made to enhance their storagecapacity on modern lines and for increasingefficiency in operations. IMF, he said, wastold that government agencies wereinvolved in commodity operations to ensureprice stability of different commodities inthe domestic market. Commodity finance issecured against underlying commodity.however, government did not agree withIMF’s demand to limit a ceiling oncommodity operations, saying that it wasdifficult as it depended on shortage in localmarket and prices internationally. IMF wasassured that government would discouragesubsidies on procured commodities.however, it was assured that subsidyamount paid would be reflected in annualbudgetary operations. Government hasrecently ended quasi fiscal liabilities relatedto power sector and commodity operationsof Rs391 billion with issuance of PakistanInvestment Bonds (PIBs). Outstandingdues of power sector were Rs313 billion andthat of commodity sector of Rs78 billion.This helped in reducing annual debtservicing cost of these liabilities by Rs10billion, increasing the credit availability toprivate sector, and reducing therefinancing cost of commodity operations.The source said intervention helped reduceoutstanding stock of commodityoperations from Rs298 billion on 30thAugust to Rs320 billion on 5th November.It also helped reduce the gap betweenoutstanding bank finance and marketvalue of underlying commodity from Rs116billion to Rs36 billion. he said provinceswere being pursed to pay off theirliabilities to further reduce the gap.

Reko Diq project

A lull before the policy storm

g copper reserves at the reko diq are estimated at 5.9b tonnes g tcc planned to initially invest $3.3b in copper project

ISLAMABADAMER SIAL

The Tethyan Copper Company (TCC),which owns the exploration lisencefor Reko Diq copper gold project inBalochistan has said it has begun in-

ternational arbitration proceedings to protectits rights after the provincial government re-jected its mining lease application.

legal proceedings

A statement issued by TCC on Tuesday said,“Following the summary formal refusal of themining lease application (MLA) originallysubmitted in February 2011, TCC has todayfiled for international arbitration in order toprotect its legal rights”. however, it did notprovide any details on the arbitration pro-ceedings. earlier this month, Balochistan re-jected MLA application that TCC submitted inFebruary this year. The company had filed anotice of dispute on October 19, 2011, afterprovincial government refused to meet its ex-ecutives, or extend a deadline for a responseto objections raised over the lease. After theprovincial government summarily dismissedits application, TCC decided to go for interna-tional arbitration. “We are disappointed wehave not yet been given the opportunity to re-solve this by negotiation. We firmly believethat our feasibility study and MLA submissionare in accordance with the Balochistan Min-eral Rules 2002, and that there should be noregulatory or legal obstacle to the granting ofthe MLA. We have to initiate arbitral proceed-ings in order to protect our legal rights, but weremain open to meeting with the Governmentof Balochistan and its regulatory body to work

towards an amicable, negotiated resolution tothe dispute”, said Tethyan Chiefexecutive Tim Livesey in a brief statement.

about tcc and reko diq

TCC a joint venture of the world’s leading min-ers Antofagasta and Barrick Gold had served a“notice of dispute” to the government ofBalochistan over its Reko Diq project giving120 days for the settlement of the dispute oth-erwise the company will seek international ar-bitration. The joint venture partners have spent$200 million to buy the exploration licensefrom Australian BhP Billiton in 2006. The cop-per reserves at the Reko Diq are estimated 5.9billion tonnes, with an average copper grade of0.41 per cent and an average gold grade of 0.22grams a ton. TCC planned to initially invest$3.3 billion in the project that would have in-creased during 56 year mining operation pe-riod. According to experts, TCC will beclaiming all its investment costs and future

profit losses due to the non conversion of theexploration license into MLA. They said the in-ternational arbitration is expected to takeyears to complete and during that time nomining work could be carried out in the area.

Feasibility studyIn February 2011, the company filed an appli-cation for a mining lease over a mining areawithin the exploration license eL-5 in theChagai district of Balochistan. The basis ofthe application was a feasibility study of aninitial mine development at the Reko Diqproject. The feasibility study was given to theprovincial government in August 2010 under

an existing agreement between TCC andBalochistan. At the time of the completion ofthe feasibility study in 2010, under provisionsof the agreement, Balochistan was entitled tobecome a 25 per cent equity partner in theproject, enabling them to profit additionallyfrom the mine development and operationsover and above the normal royalty and taxa-tion payments. The provincial government onNovember 24, 2010 decided not to become aparticipating party in the project. Upon re-ceipt of the mining lease application from thecompany in February 2011, the provincial reg-ulatory body responded in September 2011with a number of observations, made in thecontext of an intended refusal. TCC was given30 days to respond to the observations. Thecompany sought meeting with the provincialgovernment to better understand their obser-vations and concerns and requested an exten-sion of an additional 60 days in order toengage with the provincial government, how-ever no extension was granted, and its appli-cation was dismissed.

tcc files for int’l arbitration over

Monetary polic y announceMent

Trade-with-India argument Page 3GM food inevitable to overcome hunger Page 2Pakistan ranks 145 out of 187countries in Human Development Index Page 8

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debate02

FArAkH SHAHzAD

FOOD security situation in Pakistan hasexacerbated after the devastating cli-matic changes and natural disasters.Pakistan is ranked at the 11th spot in the

list of food insecure countries among 148 nations.The situation in Bangladesh and India is alsoalarming, but better it is than us as they are at the20th and 25th spots in the said list.

In this context, crop improvement throughconventional breeding is a rational strategy but itwould not be sufficient to meet the challenges ofincreasing food demand due to ever-growing pop-ulation. Therefore, we have to resort to Geneti-cally-modified (GM) food mechanism throughnew technologies like Genetic engineering tostrengthen our existing crop improvement sys-tem. The desperation to go for GM food has in-creased manifolds due to the consecutive flashflooding in Pakistan in 2010-11 that has jeopard-ized the national economy. It is to be noted thatnumber of food insecure people in Pakistan is 77million, malnourished people 45 million andhomeless without food are 17 million people.

genetically ModiFied Foods

Genetically-modified foods have the potential tosolve many of the world’s hunger and malnutritionproblems, and to help protect and preserve the en-vironment by increasing yield and reducing relianceupon chemical pesticides and herbicides. Yet thereare many challenges ahead for governments, espe-cially in the areas of safety testing, regulation, in-ternational policy and food labeling. Many peoplefeel that genetic engineering is the inevitable waveof the future and that we cannot afford to ignore atechnology that has such enormous potential ben-efits. however, we must proceed with caution toavoid causing unintended harm to human healthand the environment as a result of our enthusiasmfor this powerful technology. There has been a sig-nificant opposition to the idea of GM food in Amer-ica and europe who are reverting back to organicfarming but the situation is not applicable forAfrica, Asia and developing nations as the inhabi-tants of third world countries are facing food short-age and are dying from hunger. So it is the need ofthe hour to promote the GM crops in our region tomeet the food demand and eliminate hunger. Wehave to keep in mind the hard facts that the presentworld’s population is 6.8 billion while the world’spopulation by 2050 will be 9.4 billion; this will fur-ther shoot up the global demand for food. At thestart of 2009, under nourished people were as

many as 963 million while the hungry and insecurepeople for food in India alone stood at 220 million.

The term GM foods or GMOs (genetically-modified organisms) is most commonly used torefer to crop plants created for human or animalconsumption using latest molecular biology tech-niques. These plants have been modified in thelaboratory to enhance desired traits such as in-creased resistance to herbicides or improved nu-tritional content. The enhancement of desiredtraits has traditionally been undertaken throughbreeding, but conventional plant breeding meth-ods can be very time consuming and are often notvery accurate. On the other hand, can create plantswith the exact desired trait very rapidly and withgreat accuracy. The best known example of this isthe use of B.t. genes in corn and other crops. B.t.,or Bacillus thuringiensis, is a naturally occurringbacterium that produces crystal proteins that arelethal to insect larvae. B.t. crystal protein geneshave been transferred into corn, enabling the cornto produce its own pesticides against insects suchas the european corn borer.

The world population has topped 6 billionpeople and is predicted to double in the next 50years. ensuring an adequate food supply for thisbooming population is going to be a major chal-lenge in the years to come. GM foods promise tomeet the need of feeding the hungry population ina variety of ways.

Pest resistance: Crop losses resulting frompests attack can be staggering, leading to devastat-ing financial loss for farmers and starvation in de-veloping countries. Farmers typically use many tonsof chemical pesticides annually. Consumers do notwish to eat food that has been treated with pesti-cides because of potential health hazards, and run-off of agricultural wastes from excessive use ofpesticides and fertilisers can poison the water sup-ply and cause harm to the environment.

Herbicide tolerance: Crop plants geneti-cally-engineered to be resistant to one very power-ful herbicide could help prevent environmentaldamage by reducing the amount of herbicidesneeded. For example, Monsanto has created astrain of soybeans genetically modified to be not af-fected by their herbicide product roundup. A farmergrows these soybeans which then only require oneapplication of weed-killer instead of multiple appli-cations, reducing production cost and limiting thedangers of agricultural waste run-off.

Disease resistance: There are many viruses,fungi and bacteria that cause plant diseases. Plantbiologists are working to create plants with geneti-cally-engineered resistance to these diseases.

Cold tolerance: Unexpected frost can destroysensitive seedlings. An antifreeze gene from coldwater fish has been introduced into plants such as

tobacco and potato. With this antifreeze gene, theseplants are able to tolerate cold temperatures thatnormally would kill unmodified seedlings.

Drought tolerance: As the world populationgrows and more land is utilised for housing insteadof food production, farmers will need to grow cropsin locations previously unsuited for plant cultiva-tion. Creating plants that can withstand long peri-ods of drought or high salt content in soil andgroundwater will help people to grow crops in for-merly inhospitable places.

Nutrition Malnutrition: It is common inthird world countries where impoverished peo-ples rely on a single crop such as rice for themain staple of their diet. however, rice does notcontain adequate amounts of all necessary nutri-ents to prevent malnutrition. If rice could be ge-netically engineered to contain additionalvitamins and minerals, nutrient deficienciescould be alleviated. For example, blindness dueto vitamin A deficiency is a common problem inthird world countries.

Pharmaceuticals: Medicines and vaccinesoften are costly to produce and sometimes re-quire special storage conditions not readily avail-able in third world countries. Researchers areworking to develop edible vaccines in tomatoesand potatoes. These vaccines will be much easierto ship, store and administer than traditional in-jectable vaccines.

criticisMenvironmental activists, religious organisations,public interest groups, professional associationsand other scientists and government officials haveall raised concerns about GM foods, and criticisedagribusiness for pursuing profit without concernfor potential hazards, and the government for fail-ing to exercise adequate regulatory oversight.Most concerns about GM foods fall into three cat-egories: environmental hazards, human healthrisks, and economic concerns.

The environmentalists say that the genetic en-gineering of plants and animals is looming as oneof the greatest and most intractable environmen-tal challenges of the 21st Century. They think thatthis novel technology has invaded their grocerystores and kitchen pantries by fundamentally al-tering some of the most important staple foodcrops. “By being able to take the genetic materialfrom one organism and insert it into the perma-nent genetic code of another, biotechnologistshave engineered numerous novel creations, suchas potatoes with bacteria genes, “super” pigs withhuman growth genes, fish with cattle growthgenes, tomatoes with flounder genes, and thou-

sands of other plants, animals and insects. At analarming rate, these creations are now beingpatented and released into the environment”,wrote an NGO at its website on food safety.

Currently, up to 85 per cent of US corn is ge-netically engineered as are 91 per cent of soybeansand 88 per cent of cotton (cotton seed oil is oftenused in food products). According to industry, upto 95 per cent of sugar beets are now Ge. It hasbeen estimated that upwards of 70 per cent ofprocessed foods on supermarket shelves–fromsoda to soup, crackers to condiments–contain ge-netically engineered ingredients.

A number of studies over the past decadehave revealed that genetically engineered foodscan pose serious risks to humans, domesticatedanimals, wildlife and the environment. humanhealth effects can include higher risks of toxicity,allergenicity, antibiotic resistance, immune-sup-pression and cancer. As for environmental im-pacts, the use of genetic engineering inagriculture will lead to uncontrolled biologicalpollution, threatening numerous microbial, plantand animal species with extinction, and the po-tential contamination of all non-genetically en-gineered life forms with novel and possiblyhazardous genetic material.

Food shortageThe world economy has run into a brick wall. De-spite countless warnings in recent years about theneed to address a looming hunger crisis in poorcountries and a looming energy crisis worldwide,world leaders failed to think ahead. The result isa global food crisis. Wheat, corn and rice priceshave more than doubled in the past two years, andoil prices have more than tripled since the start of2004. These food-price increases combined withsoaring energy costs will slow if not stop economicgrowth in many parts of the world and will evenundermine political stability, as evidenced by theprotest riots that have erupted in many places ofthe world. Practical solutions to these growingwoes do exist, but we’ll have to start thinkingahead and acting globally. In this perspective, theneed to adopt the GM food has increased mani-folds just to save the people dying of hunger. Weneed to produce more food over the next 50 yearsthan has been produced in the past 10,000 yearscombined. The best way to reach the depth of thedebate is that we need to have an advance systemof agriculture research that requires a hugebudget. We need to have a minimum of two percent of our Agri GDP earmarked for the researchbudget but it is unfortunate that we have only 0.2per cent that is next to nothing.

Wednesday, 30 November, 2011

GM foodinevitable toovercomehunger

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CONSIDeRING Pak-Indian complex-ity, progress on trade and investmentshould move in tandem with progresson political and security issues. Yetthere is no denying the potential in

increased bilateral trade, which is why both gov-ernments should move towards enhancing theoverall volume.

Interestingly, prior to partition, a good 95 percent of the subcontinent’s trade comprised activitywithin its borders, and since the fateful divide, the

number has dropped to aslow as five per cent, an in-dicator of how much bothcountries can gain fromopening up.

In case of fair and sin-cere advances in trade,Pakistan stands to gainmore. There is a good rea-son the world is making abeeline to tap and exploitIndia’s rapidly growing,vast market. Therefore,Pakistan’s recent tradediplomacy, culminatingin granting India theMFN status, is under-standable. It’s just how

the exercise was undertaken that left a little to be de-sired. In effect, Islamabad ended up acceding toIndia’s MFN demand in return for removal of thelatter’s objections in the WTO to Pakistan’s specialtrade concession by the european Union – a onetime, time barred window offered to help in the dev-astation caused by floods.

Of course, MFN or no, we’ve been trading withIndia for a long time, primarily around the two thou-sand odd positive list items Pakistan permits. Butdespite the fact that India granted Pakistan the MFNstatus in 1996 and Pakistan didn't, the overall tradebalance is tilted heavily in New Delhi’s favour. Of thetotal trade volume of approximately $1.5 billion,

Pakistan’s share is a paltry $275 million. Primarily,we’re unable to export to our potential due to exces-sive Non-Tariff Barriers (NTBs) erected by India.

I would have approached this issue by seek-ing a comprehensive bilateral trade deal goingbeyond WTO and Safta. Falling back on our re-spective comparative advantages, I would havesought trade preferences for products capable ofsignificant market penetration in India, like tex-tiles, value-added textile products, food items,etc. In return, I would have directed the govern-ment to offer India preferences on raw material,machinery, IT products, etc. While fine-tuningsuch arrangements, it is of the utmost impor-tance to safeguard interests of local industry,agriculture and the services sector, hence thestress on gradual opening up. The removal ofNTBs has to be central to any such negotiations.India cannot demand trade liberalisation and en-force restrictive barriers at the same time. It iswith regard to these issues – protecting indige-nous strength and unwinding NTBs – that the re-cent initiative has been off the mark.

We came close to establishing fresh trade pa-rameters when I was the government's chief tradenegotiator, as Pakistan's commerce minister forfive years, but lack of appropriate movement onpolitical and security issues often checkedprogress. That we are finally on the road to tradeis encouraging, however the need to proceed withcaution cannot be stressed enough.

I would also caution against aggressive postur-ing on opening transit routes. It is extremely im-portant to note the incongruity between Saarcaccess via India and route to Afghanistan and Cen-tral Asia through Pakistan. Plus, Afghan transit isone of the biggest, most menacing avenues ofsmuggling into Pakistan. Granting India accesswill only exacerbate the problem. Specifics ofgranting transit rights are outside the ambit of theWTO and should be taken up under relevant mul-tilateral transit conventions, not bartered away fordeals like the eU concession.

It also bears noting that so long as the other armof revenue generation – the tax machinery – is com-promised, the export sector must be made that muchmore proactive to keep the wheels of the economyrunning. For years, Pakistan and India have let po-litical differences interfere with mutual socio-eco-nomic uplift, possible through increased trade. Wemust ensure more trade while protecting our inter-ests, which requires prudence and care, not fanfare.

The writer is a former Federal Minister

The bloating current account, therelaxing monetary policy and therising import bill all combine topressure the rupee furtheragainst the dollar, stoking

inflationary fears in an already stagnanteconomy where investment shows little signsof picking up. We’ve finally come to the pointwhere the government’s excessive borrowing,channeled into non-productive avenues ofrunning day-to-day business, is translatinginto structural weakness, embodied in thiscase in movement away from the rupee’s two-year 86 level against the greenback.

With the Rs90 per dollar expectation byyear end, we have also come to the final pointwhere the government can still leverage theweakening local currency for export earningadvantage, an exercise that will requireconsiderable change of posture in Islamabad.Immediately, we should see incentivisation ofproductive enterprise. The weakening interestrate regime must be complemented by

reducing the government’s size in the moneymarket, allowing the private sector to exploitrelatively cheaper money and inducing foreigninvestment at the same time. Until and unlessthe government restores investor confidence,both local and exogenous, the weakeningcurrency will only feed into weakening growthand rising unemployment.

exports is but one essential feature inneed of a very visible government push in thelast half of the ongoing fiscal. The other, ofcourse, is tax collection. So far, advances madeby the 18th amendment have actually had anegative yield, at least in terms of revenuegeneration, the reason simply being alackluster show of responsibility on part ofrelevant authorities. With deficits nowmounting fast enough to hurt the economystructurally, and half the fiscal year gone withno signs of targets being met, those in chargemust pull their socks up or risk being delivereda rude message at the polls.

Structural weaknesses

While fine-tuning sucharrangements, it is ofthe utmost importanceto safeguard interestsof local industry,agriculture and theservices sector

Trade-with-India argu-ment

Humayun Akhtar Khan

Philip Morris – comedy of errors

The article is very well written and re-searched. The content and the writingstyle actually took me on a nostalgic jour-ney of 90s. Cigarette advertisements arenowhere to be found in Pakistan todayand it is pretty evident that they arebanned. My reaction towards the recentprint advertisement of Marlboro in one ofthe local Sunday magazines was the sameas the writer’s. I still wonder, what madethe famous tobacco company make such abig blunder. Not being well researched isnot a good excuse because it is not an im-mature company. To put it in a nut shell,last week was a crisis week for PhilipMorris in terms of reputation.

MAzHer AHMeDLAhoRE

177pc rise in import bill

First of all I would like to thankthe Profit team for giving the read-ers such an accurate depiction ofstats and numbers. This makes usmore aware about the current sce-nario and how things fluctuate.Moving on to the actual rise in im-port bill and the rupee’s fallagainst dollar, it is a clear case oflack of investment. Risk-averse in-vestors should be given incentivesso that various plans could be im-plemented. This would prove to bea strong method of boosting oureconomical turmoil. Somethingmust be done or else the importbill would inflate further.

TooBA rAFIRAwALpIndI

E D I T O R I A L

Rage against the machine

The airstrikes on Saturdayimply that the Pak-US bondis fast approaching itsbreaking point. The recur-ring breach of Pakistan’s

sovereignty has had temperatures soar-ing in the country and the military isunder escalating pressure to terminateits cooperation with US; especially after,what has been, an unceremonious yearfor the relationship. The unprovokedact of innocent killings has broughtabout unparalleled rage against the

US/NATO machine.2011 has been tumultuous year as

far as US and Pakistan’s enigmatic bondis concerned. The oft-touted military al-lies, combating the war against terrorhave witnessed an exchange of mistrust,skepticism and anger. The RaymondDavis affair set the ball rolling earlier inthe year, and rewrote the term ‘diplo-macy’ for the Average Joe in our part ofthe world. Then the US breached everylaw in inter-dominion codes and ethicsand penetrated into Abbottabad, wherethey found Osama Bin Laden and thendisposed him off.

Pakistan-US bond has been likethat marriage, where both the con-cerned parties have grown sick of eachother’s antics, their expectations soarand the reciprocation is not up to themark, have at one time or the othertried to woo other partners and haveeven cheated on each other. But nowowing to recent events with the sword

of divorce hanging over the relation-ship; is breakup a viable solution for ei-ther party? The two countries and theiraltercations are the political illustrationof U2’s chartbuster “with or withoutyou”; they can’t seem to be able to livewith each other, but they sure as hellcan’t live without each other.

At the end of the day it is the fiscalside of things that govern most globalmatters and none more so than the issuesbetween Pakistan and USA. With Pak-istan reliant on Western aid for its ownsustenance, it cannot stretch out the situ-ation beyond repair. If the political tiescompletely go kaput, it is detrimental toPakistan’s future in the long run; espe-cially in the present scenario where weare shrouded by the menace of suscepti-bility. US on the other hand, might beplaying the domineering husband to Pak-istan’s dependant wife, but with its wargoing haywire in Pakistan’s western vicin-ity, Washington is as reliant on Islamabad

– even if not in thesame obviously hyper-sensitive way.

US needs theNATO supply routes tobe kept open for itstroops in Afghanistan;and in an apt riposte toNATO’s attack on Sat-urday, this is exactlywhat we have targeted.US also needs Pakistanto keep a check on Al-Qaeda and Taliban’s expansion. They canpoint fingers, they can impugn us, butthey just cannot do without us. And henceif the US fails to recognise our contribu-tions and continues to breach our sover-eignty for its self-seeking purposes wecould refuse to play ball.

however, there is only so much thatwe can do, owing to their monetarystranglehold. Granted that when juxta-posed with American disbursements in

Iraq and Afghanistan,its aid to Pakistan issignificantly small, theway international dy-namics work we can-not afford a completebreakdown in ties. Asthings stand an aver-age American does notlook upon Pakistan asan ally, and the aver-age Pakistani does notlook upon US as a

friend; but nonetheless the two coun-tries need each other. We’ll show ourdispleasure for some time but eventuallywe would be back on the negotiationtable. We can expound our anger againstthe status quo, and our rage against themachine but we can’t do without the US.Not yet anyway.

The writer is Sub-Editor, Profit. He canbe reached at khulduneshahid@gmail.com

Kunwar Khuldune Shahid

For comments, queries and contributions, write to:

email: profit@pakistantoday.com.pk ph: 042-36298305-10 Fax: 042-36298302 website: www.pakistantoday.com.pk

babur saghirCreative Head

haMMad raZaLayout Designer

shahab JaFryBusiness Editor

ali riZviNews Editor

Muneeb eJaZLayout Designer

We d n e s d a y, 3 0 N o v e m b e r, 2 0 1 1

At the end of the day itis the fiscal side ofthings that governmost global mattersand none more so thanthe issues betweenPakistan and USA

kunwar khuldune shahidSub-Editor

Maheen syedSub-Editor

Profit for e-paper_Layout 1 11/30/2011 12:09 AM Page 3

Wednesday,30 November,2011

04news

Federal Minister Finance, dr abdul hafeez shaikh

I appreciate UK’s efforts as a leading bilateraldevelopment partner of Pakistan and its budgetarysupport mainly in the areas of education, health,poverty reduction and governance

international conferenceon competition to start tomorrowISLAMABAD: A two day international conference oncompetition, enforcement challenges and consumerwelfare in developing countries, being organised by theCompetition Commission of Pakistan in collaborationwith the Competitiveness Support Fund - USAID willstart tomorrow, December 1st. The conference will beaddressed by internationally acclaimed experts oncompetition law from America, europe, Africa, Fareast and South Asia. The conference will cover fivethemes of challenge for competition agencies to dealwith cartels, deceptive marketing and consumerprotection, sharing of country experiences in advocacyand enforcement, state aid and distortion incompetition, and collusive bidding in publicprocurement. StAff REpoRt

urea prices ease as govt producersagree on improved gas supplies

KARACHI: engro Fertiliser, having a market shareof 20 per cent, has reduced its urea price by Rs100,inclusive of sales tax, per 50 kilogram bag to Rs1,480(dealer transfer price). Retail price for the farmerwould now be close to Rs1,500 a bag effectively.“This is in the backdrop of a possible increase in gassupplies to SNGPL-fed fertiliser plants in December2011 as per the consensus between ureamanufacturers and government,” viewed FarhanMahmood of Topline Securities. The analyst saidother fertiliser producers were also expected toreduce the price in next few days in line with pastpractices. StAff REpoRt

lcci urges bangladeshto withdraw objectionsLAHORE: Lahore Chamber of Commerce andIndustry urged Bangladesh to withdraw objections andsupport Pakistan in getting european Union’s GSP Plusstatus. This was demanded by LCCI Acting PresidentKashif Younis Meher while talking to Bangladesh highCommissioner in Pakistan Suhrab hossain here atLahore Chamber of Commerce and Industry. LCCI vicePresident Saeeda Nazar and vice President of SAARCChamber of Commerce and Industry Iftikhar Ali Malikalso spoke on the occasion. LCCI Acting President saidthat objections raised by our brotherly countryBangladesh on GSP Plus Status to Pakistan by eU areunexpected as Pakistan has always supportedBangladesh on all occasions. Kashif Younis Meher saidthat market research should be conducted regardingtheir range of products and priority should be given toeach other for import of goods rather than buying fromdistant countries. StAff REpoRt

chairman Fbr assures kp delegation ofimplementation of finance packagePESHAWAR: Chairman FBR, Salman Saddique hasassured a delegation of Khyber PakhtunkhwaChamber of Commerce and Industry that theirgenuine reservations about implementation of PrimeMinister’s finance package will be removed to ensurethat stalled business and trade activities in themilitancy hit area of Khyber Pakhtunkhwa are revived.Talking to a delegation headed by President, KPCCIAfan Aziz and consisting of notable Industrialists andTrade Leaders including Senator Ilyas Ahmed Bilour,Mr Ziaul haq Sarhadi, Mr Muhammad MuhsinWadud, haji Muhammad Asaf, Mr Usman BashirBilour, Mr Zahid Ullah Shinwari and Mr Zulfiqar AliKhan, who met with him in his office at Islamabad on28th November, 2011, he assured them that he will bevisiting KPCCI by mid December to get himselfbriefed on problems of taxpayers. StAff REpoRt

no date extension for filingincome tax, sales tax returns: FbrISLAMABAD: The Tax Reform Core Group, in itstwo-day meeting with Federal Board of Revenue(FBR) officials expressed its extreme reservation overfrequent extensions being granted by the board infiling of income tax and sales tax returns. A firmpolicy decision was taken in the meeting, presidedover by Chairman FBR, Salman Siddique, thestatutory dates of filing the income tax and sales taxreturns shall not be extended in future, particularlyfor the returns required to be filed by the companieson 31st December, 2011. The taxpayers are advised tofile their returns on the stipulated dates as noextension in date shall be contemplated, as decided bythe Tax Reform Core Group in its meeting. StAff REpoRt

KSE gains 13 points on WhiteHouse’s reconciliatory statement

kArACHI StAff REpoRt

The Karachi stocks marketTuesday recovered from Mon-day’s setback and gained 13

points on the back of what the analystssaid a confidence-building statementfrom the White house saying Washing-ton would “carry forward” its compli-cated relationship with Islamabad.

Monday saw the benchmark 100-share index nose-diving by 154 pointsreflecting a cautious reaction from in-vestors at the country’s largest boursetowards Saturday’s deadly Nato attackson Pakistan Army’s check posts.

On Tuesday, however, the index setin the green zone and recovered by12.80 points or 0.11 per cent to close at11,506.95 points against 11,494.15 of theprevious day. “Stocks closed higher atKSe after the White house’s statementto carry forward Pak-US relationshipwith separate investigation of attackson Pakistan border positions,” saidAhsan Mehanti of Arif habib Invest-ments. The intraday high and low was,respectively, recorded at 11,617.40 and11,426.50 points.

Despite an upward trend in theindex the trading volumes remained

lower and were recorded at the ready-counter at 37.386 million shares com-pared to Monday’s 46.243 millionshares. The trading value also appreci-ated to Rs2.1 billion from the previousRs2.0 billion. Of the total 293 tradedscrips, 109 advanced, 105 declined and79 remained unchanged. The marketcapitalisation remained almost static atRs2.99 trillion.

The KSe 30 index also gained 19.38points and closed at 10,764.72 points ascompared to 10,745.34 points on Mon-day. The index hit the intraday high andlow of 10,866.15 and 10,665.67.

“Global markets recovery andhopes on favourable SBP policy an-nouncements on November 30 playeda catalyst role in recovery of oversold

market,” said Mehanti adding this wasdespite the investors’ concerns forfalling rupee-dollar parity and uncer-tainty over Pak-US relations.

The analyst cited factors like the re-sumption of SNGPL fed gas supplies tofertiliser plants, expectations for rise inlocal POL prices this week and higherbanking sector spreads of 7.67 per centfor October 2011 as a driving force be-hind a positive close at the KSe.

Fatima Fertiliser Company wasvolume leader of the day havingcounted its traded shares at 5.459 mil-lion. The company’s share price set inthe green zone and closed at Rs22.95after opening at Rs22.19. Other bestperformers included Fauji FertiliserBin Qasim, Fauji FertiliserXD, Attock

Refinery, Arif habib Company SD, Az-gard Nine, engro Corporation POT,DG Khan Cement, National Bank ofPakistan and Lotte PakPTA. Thescrips counted their traded shares, re-spectively, at 4.3 million, 2.1 million,1.7 million, 1.6 million, 1.6 million, 1.4million, 1.4 million, 1.2 million and 1.0million shares.

The futures market was alsobullish having seen its tradingturnover increased to 5.019 millionshares against 4.9 million of the pre-vious day. The scrips that gainednumbered 60, those categorised asminus were 48 with no unchangedscrip. FFBL-DeC continued to leadthe companies with 1.404 million ofits shares traded on the day.

LAHoreStAff REpoRtER

LARGe scale sowing of jute inPakistan can save $100 mil-lion annually on import of

this fibre crop from Bangladesh.Pakistan Jute Mills Association(PJMA) has launched an initiative toconvince farmers of Punjab for com-mercial sowing of jute crop in Pak-istan with assurance to extend helpin shape of free seed, guidance fromsowing to retting and buying all the

produce. “Pakistan needs only150,000 acres to meet the require-ment of 12 jute mills situated in Pak-istan. Nevertheless, at present due togovernment’s decision of switchingover to polypropylene bags insteadof jute has forced closure of five millsduring last two years.”

This was the crux of speeches de-livered at a seminar on ‘sowing ofjute in Pakistan’ arranged by Pak-istan Jute Mills Association (PJMA)in collaboration with Ayub Agricul-ture Research Institute (AARI)

Faisalabad and Punjab AgricultureDepartment.

Agronomy Research Institute, asister wing of AARI, Director DrAbdus Sattar speaking on the occa-sion stressed the need for ensuringprofitability to growers to convincethem for switching over from theirtraditional sowing practices to thiscrop. he also urged the growers togo for sowing of jute to save preciousforeign exchange of the country andsupporting industry which was pro-viding direct employment to over

4000 people and indirectly support-ing over 100,000 families.

Pakistan Jute Mills Association(PJMA) vice Chairman Mian MerajDin during his brief speech assuredthat the association would not onlybuy whole crop planted by the grow-ers but would also ensure that theywould get more price than cotton.he said the association would extendfull support from plantation to mar-keting of their crop and all the tech-nical assistance growers needed toadopt this new technology.

kArACHIISMAIL dILAwAR

IN an oft-referred show ofad-hocism Federal Board ofRevenue (FBR) issued,what market participantssaid, is the most-debated

certificate to exempt Karachi Stockexchange (KSe) from the payment ofsix per cent withholding tax (WhT)just for a month period.

The move, according to Ahmed AMitha, KSe’s chief financial officer,would have a favourable impact onvolumes-starved bourse. CFO saidmarket participants would now seetheir tax burden easing by six percent on account of KSe services in-cluding listing and trading fees.

“The impact would be favourablein terms of six per cent (at source de-duction of) withholding tax on ac-count of KSe’s services,” Mitha said.FBR notified the exemption to KSethrough issuing a Tax exemptionCertificate (TeC), numbering CIR/Z-III/LTU/KhI/2011/672.

“It is hereby directed that no de-duction of tax shall be made undersub-section (1) of Section 153 of the

Income Tax Ordinance, 2001 in thecase of M/S Karachi Stock ex-change, from payments represent-ing to services rendered by it,” readsthe FBR certificate.

The board, however, clarifiedthat the tax already collected wouldnot be refunded to taxpayers and, in-stead, be deposited into governmenttreasury. Tuesday saw managementof KSe notifying the new develop-ment to stock members, listed com-panies and issuers of listed securitiessaying not to deduct tax on paymentsmade to the exchange.

“Not to deduct tax on paymentsmade to KSe against acquiring serv-ices subject to tax deductions atsource under sub-section (1) of Sec-tion 153 of the income tax ordinance,2001 up to December 31, 2011,” KSenotices to the members and otherstakeholders said.

Interestingly, tax exemptionwould remain valid only for 31 daysof December and exchange wouldagain be running after tax collectorsto renew the certificate. “The exemp-tion certificate is valid up to31.12.2011,” FBR certificate says.

Officials at KSe also appeared

critical of the month-long tax exemp-tion after prolonged discussions withtax collectors in FBR. “We wouldagain go for a renewal after Decem-ber 31,” said Nadeem Naqvi, manag-ing director of KSe.

Ahmed A Mitha, chief financialofficer of KSe, explained that taxexemption was being granted onquarterly basis. “It used to begranted on yearly basis until Au-gust (last),” he said.

Taking the matter this waywould mean that FBR has alreadywasted at least two months of cur-rent fiscal quarter that ranges fromOctober to December.

About financial impact of tax ex-emption, KSe official said it wouldrange from Rs12 to Rs15 million ofthe total Rs200 million collected an-nually by the exchange under headsof various services.

FBR has long been under fire forits failure to devise a practicablemechanism for quantification andcollection of controversial taxes likeCapital Gains Tax (CGT) and has,therefore, raised a friction of what isapplicable on capital gainers at coun-try’s stock exchanges.

energy sub body toovercome electricityload shedding

LAHore StAff REpoRt

The sub-committee onenergy of federal cabinetdecided to provide frequent

electricity to tube wells duringnight and uninterrupted powersupply to agriculture connections.Federal Finance Minister hafeezSheikh presided over the meeting,which was held at the governorhouse. Federal ministers, Dr Asimhussain, Manzoor Wattoo,Khursheed Shah, Naveed Qamarand other senior bureaucratsparticipated in the meeting. It wasinformed at the meeting that ifdomestic and agriculturalconnections are separated;uninterrupted power supply totube wells could be made.Manzoor Wattoo said agricultureis the backbone of an economy andif electricity is not provided inrural areas, then the economycould face serious set backs.however, later it was decided thatfrom March 2012, tube wellswould be provided continuouselectricity from 10pm to 8am andthere would be no unscheduledload shedding during the day.

PAK CAN SAVE $100M ANNUALLY ON JUTE IMPORT

FBR issues belated TECto KSE for one month

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05

Wednesday,30 November,2011

news

CORPORATE CORNER

unido participates in exhibitionat convention centre islamabadISLAMABAD: The United Nations InternationalDevelopment Organisation (UNIDO) in collaborationwith Pakistan Stone Development Company(PASDeC) participated in the exhibition at theConvention Centre Islamabad on 26th and 27thNovember by setting up an enclosure displayingproducts made by the women entrepreneurs trained inthe Marble Mosaic. The marble products at displayattracted a large number of visitors and buyers whoappreciated the quality of the products. The productswere made by the women entrepreneurs trained in themarble mosaic training conducted by the UNIDO inKarachi, Islamabad and other parts of the countryunder its Women entrepreneurship DevelopmentProgramme (WeD). pRESS RELEASE

hashoo group offers free roundthe clock wi-Fi internet serviceISLAMABAD: hashoo Group hospitalityDivision, having its fold of all the Marriott andPearl Continental hotels in Pakistan, has nowoffered its distinguished guests round the clockfree access to Wi-Fi internet service in addition tothe existing endless amenities. hashoo Grouphotels are known for their expertly designedhospitality and unsurpassed luxury and have been

honoured with many national and internationalprestigious awards in the past. These hotelscontinue to strive and maintain commandingpresence in the hospitality sector. pRESS RELEASE

ufone launches blackberry curve 9360ISLAMABAD: Ufone proudly introduced BlackBerryCurve 9360, another industry first BlackBerry launchin Pakistan. BlackBerry Curve 9360 is equipped withthe new BlackBerry OS 7.0 and features a powerful800Mhz processor with built in 3G, GPS, NFC, Wi-Fi,Bluetooth and BBM. The devices will be sold fromcorporate sales and regional sales and service centersfor Rs29,999. Speaking at the launch, Akbar Khan,Ufone Chief Marketing Officer said that thisBlackBerry handset is one of the most technologicallyadvanced BlackBerrys to date and shall facilitate theempowerment of the fast paced Pakistani corporationsand businesses. pRESS RELEASE

ptcl launches easy load service ISLAMABAD: Pakistan TelecommunicationCompany Ltd (PTCL) has launched easy Load servicefor maximum facilitation of its valued customers. NowPTCL vfone and evO customers can instantlyrecharge their accounts with whatever amount theywant through a large network of approximately,150,000 Uload retailers situated all over the countryfor a minimum recharge of Rs20. Both the customerand retailer will get an SMS alert in case of successful

transaction. In case of failed transaction, a failuremessage will be received at retailer’s end and he willreimburse the money to the customer. pRESS RELEASE

nbp online branches cross figure of 800 KARACHI: National Bank of Pakistan hasconverted its 800 branches online out of its deeprooted network of 1265 branches which cover theremotest areas of the country. Through onlinefacility, NBP customers holding an account at anyonline branch can deposit and withdraw cash fromany of the 800 online branches through inter branchtransaction (IBT); debit / ATM card can be issued toall customers of online branches; centralised accountopening, Know Your Customer (KYC) and bettercontrol / compliance. pRESS RELEASE

ISLAMABAd: Emaar pakistan, marketing team ispresent at Lifestyle Exhibition 2011, held at JinnahCovention Centre, Islamabad. PRESS RELEASE

If Europe is contracting, or ifEurope is having difficulties, thenit's much more difficult for us tocreate good jobs here at home

us president, barack obama

ISLAMABAd: Argentina Ambassador, h.E Rodolfo JMartin Saravia, presenting Club Charter Certificate toMr Ali Zaheer. PRESS RELEASE

LAhoRE: Chairman Evacuee trust, Syed Asifhashmi, with Chief Executive, Aftab Akbar MIdASpvt Ltd at the wahgah Border, upon his returnfrom India. PRESS RELEASE

LonDon/BoSTonREutERS

WheN NovoNordisk's chieffinancial officermet marketingcolleagues last

Friday the conversation moved farbeyond the usual discussion of salesand performance. JesperBrandgaard asked a simple, far-reaching question: how would thefirm set prices for two pivotal new in-sulin products if the euro collapsed?

The Danish firm, the world'sbiggest maker of insulin for thetreatment of diabetes, sits outsidethe euro zone but sells into it. It's aquestion that is being echoed - invarious forms - in the boardroomsof banks, brokerages, tradinghouses, law firms and the world'sleading manufacturers.

"It's hard to make detailedplans but we need to think throughhow our pricing strategy would fareif there were suddenly a disman-tling of the euro," Brandgaard toldReuters. "how do we avoid fallinginto a trap? This is the first time I'veasked such a question. It's a topic

that is increasingly on the radar."In the case of the products in

question - Degludec andDegludecPlus, two ultra-long-act-ing insulins - Novo Nordisk hastime on its side. The new drugsare still working their waythrough the regulatory approvalprocess and probably will notreach the market until late 2012.

Planning for a breakdown ofeurope's 17-nation single currencyis not easy. Like many businessleaders, Brandgaard views a break-up of the euro as possible thoughnot yet probable -- but the oddsare increasing. In a Nov 23 Reuterspoll 14 out of 20 economists saidthe single currency would not sur-vive in its current form - and com-panies are starting to plan for aworst case scenario.

Their trepidation is bestsummed up by Martin Sorrell, thehead of the world's biggest adver-tising agency WPP. "The complex-ity fills everybody with suchappalling fear and is so complicatedthat the last thing in the world youwant to happen is that," Sorrell toldReuters on Monday. "But the hon-est answer is that, like everybody

else, you try and contingency planfor any break-up of the euro zone."

Drawing on interviews withcompany officials, bankers andlawyers in europe, the UnitedStates and Asia and companies'regulatory filings, Reuters haspieced together a picture of patchypreparedness for the possible de-mise of the 12-year-old euro cur-rency, an event that would beunparalleled in recent history.

"These days, it's a part of al-most every risk management con-versation that comes up," said asenior player in London's insur-ance market, speaking like manyin this story on condition ofanonymity because of the sensitiv-ity to their business.

Some of the most active con-tingency planning is happening ineuropean countries outside theeuro zone that have strong tradinglinks with the currency bloc - Den-mark and Britain being leading ex-amples. Of the 33 companies withthe biggest exposures to the eurozone in sales terms, five areBritish, according to ThomsonReuters data. health care, energyand consumer goods are among

the most exposed industries.A number of British firms, in-

cluding the world's biggest catererCompass Group, have said theyhave discussed or put in placecontingency plans to deal with aeuro collapse but most are reluc-tant to give details.

"Most business people havegiven up waiting for the politicalGodots. You just can't run yourbusiness on the basis that some-thing will turn up, so you have toplan on the basis that it doesn'tturn up. So you think about whatlegally and contractually it isgoing to mean. You also say 'I'mgoing to run my balance sheet asconservatively as possible',"WPP's Sorrell said.

TESTING THE SYSTEM

Banks, brokers and exchangesare in the front line. ICAP, theworld's top broker for foreign ex-change and government bonds,said on Monday it has tested itstrading system to handle the col-lapse of the euro zone and re-emer-gence of national currencies.

It is not alone in carrying out'war games'. A senior banker at alarge investment bank said he hada team of 20 people globally run-ning all kinds of scenarios all thetime. That team was now spendinga lot of its time on the possiblebreak-up of the euro. They had sim-ulated a weekend crisis by runningthrough the different stages of Fri-day night, Saturday and Sunday inone full working day. In addition,they had looked whether theywould have enough people (and theright ones) available and made surethey knew where to reach them.

"It's my job to assume theworst. You can test all kinds of be-nign scenarios, but if something re-ally bad - let's say a suddenovernight default of Italy - were tohappen and we hadn't tested that, Iwouldn't be doing my job properly.If that latter scenario were to occur,things would look very ugly indeed.There simply wouldn't be enoughtime to sort out all the various trad-ing positions and look at all the pa-perwork," the banker said.

In his estimation, a return tothe drachma in euro zone minnowGreece was the least of his con-cerns. he likened Greece to bank-rupt U.S. broker-dealer MF Global- annoying but not a real issue -and Italy to Lehman, whose col-lapse marked the start of the 2008financial crisis.

Britain's regulator, the Finan-cial Services Authority, has toldBritain's banks to draw up contin-gency plans in case there is a disor-derly break-up of the euro zone orexit of some countries. "We cannotbe, and are not, complacent on thisfront," Andrew Bailey, deputy headof the FSA's Prudential BusinessUnit, said on November 24.

U.S. firms are testing their sys-tems too. A.M. Best Co, the main rat-ings agency for the insuranceindustry, said on November 22 it isdoing additional stress testing on in-surers given deteriorating conditionsin europe. The agency, which justconducted a similar review twomonths ago, said it is looking at un-derwriters' exposures on a case-by-case basis to see if any have additionalrisk from the weakening euro zone.

SAFEGUARDING THE CASH

For non-financial firms, a key

focus of efforts for firms worriedabout a euro collapse is in trying tosafeguard their cash. Corporate bal-ance sheets currently are very strongwith upwards of $1 trillion net sit-ting on them, a reflection of compa-nies' reluctance to invest in addingcapacity or in buying other firms.

The chief executive of a euro-pean company with annual rev-enues of more than $10 billion ayear told Reuters during a recentvisit to London that his board haddiscussed how to handle a eurozone collapse but that it had proveda very short meeting. Other thanensuring their cash deposits were inthe safest possible banks and rely-ing on the broad international na-ture of their business, executivesquickly concluded there was littlemore they could do.

Siemens finance chief JoeKaeser said in a November 10media call on the group's quarterlyresults that a considerable propor-tion but less than half of its 12 bil-lion euros in liquidity had beenparked with the eCB. About a yearago, Siemens -- a maker of fasttrains and gas turbines -- acquireda banking license to be able to dealdirectly with the eCB.

BMW said on Monday its ap-proach to handling excess liquidityhad not changed and that it contin-ued to use a number of interna-tional commercial banks as well asthe eCB's deposit facility. Daimlersaid it used surplus cash mainly in-ternally. volkswagen did not imme-diately respond to calls seekingcomment. Similar caution em-anated from companies in other in-dustry sectors.

Simon henry, chief financialofficer of oil company Royal DutchShell, said as a consequence of eu-rope's debt crisis it was taking extracare in investing its $20 billion cashpile. "It's with secure counterpar-ties and its short term," henry said.

Drugs firm AstraZeneca toldReuters it was carefully monitoringits exposure to the banking sectorin light of the debt crisis and hadincreased its holdings of U.S. gov-ernment Treasury bills.

The chairman of another com-pany in Britain's FTSe 100 index ofleading firms said the shortage ofAAA rated banks was complicatinglife. British firms don't have accessto the eCB because Britain is out-side the euro zone.

THEEUROZONEMELT DOWN

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top 5 perForMers sector wisesyMbol open high low current change voluMe syMbol open high low current change voluMe

Food ProducersDewan Sugar 2.25 2.49 2.20 2.25 0.00 3,000Engro Foods Ltd. 23.95 24.25 23.63 23.98 0.03 19,195Habib Sugar Mills 27.23 27.48 27.25 27.40 0.17 179,447Habib-ADM Ltd. 13.30 13.69 13.15 13.19 -0.11 1,775Ismail Industr 65.00 64.99 62.01 64.97 -0.03 1,504

Household GoodsAL-Abid Silk Mills 23.34 23.60 23.34 23.34 0.00 2Diamond Ind. 8.20 9.03 8.20 8.20 0.00 2Hussain Industries 3.90 3.90 3.80 3.90 0.00 6Pak Elektron Ltd. 4.20 4.40 4.20 4.25 0.05 8,650Tariq GlassXD 8.65 8.89 8.65 8.65 0.00 10

Personal Goods(Colony) Thal 1.40 1.40 1.40 1.40 0.00 511Ali Asghar Textile 0.56 0.55 0.55 0.55 -0.01 500Amtex Limited 1.29 1.33 1.26 1.30 0.01 1,802Artistic Denim Mills 20.10 21.07 20.15 20.98 0.88 13,064Azam Textile 1.35 1.39 1.16 1.35 0.00 52

Future ContractsAHCL-DEC 28.90 28.60 28.00 28.21 -0.69 220,500ANL-DEC 3.50 3.47 3.36 3.46 -0.04 629,500ATRL-DEC 121.61 119.49 116.55 117.30 -4.31 165,000DGKC-DEC 20.25 20.25 19.76 20.09 -0.16 55,000ENGRO-DEC 126.68 123.99 121.00 122.70 -3.98 454,500

Pharma and Bio TechAbbott Laboratories 100.37 101.60 100.00 100.00 -0.37 2,094Ferozsons (Lab) Ltd. 76.20 76.90 75.99 76.31 0.11 1,113GlaxoSmithKline Pak. 67.51 68.00 67.99 68.00 0.49 10,200Highnoon (Lab) 28.20 29.25 28.00 29.25 1.05 7,001IBL HealthCare XD 12.74 12.50 12.00 12.30 -0.44 14,060

Fixed Line TelecommunicationP.T.C.L.A 10.80 10.95 10.70 10.74 -0.06 873,286Pak Datacom LtdXD 34.50 34.50 34.00 34.50 0.00 50Telecard Limited 0.96 1.00 0.89 0.90 -0.06 179,056Wateen Telecom Ltd 1.85 2.00 1.82 1.88 0.03 2,098,153WorldCall Telecom 1.11 1.17 1.05 1.06 -0.05 74,429

ElectricityGenertech 0.28 0.37 0.37 0.37 0.09 9,500Hub Power Co. 36.50 36.55 36.02 36.08 -0.42 851,435Japan Power 0.61 0.67 0.60 0.64 0.03 98,815K.E.S.C. 1.63 1.68 1.62 1.65 0.02 25,551Kot Addu Power 41.70 41.90 41.26 41.30 -0.40 54,238

BanksAllied Bank Ltd 60.24 59.20 59.00 59.00 -1.24 6,927Askari Bank 10.31 10.45 10.20 10.28 -0.03 25,619B.O.Punjab 5.57 5.75 5.46 5.55 -0.02 422,339Bank Al-Falah 11.87 11.98 11.66 11.80 -0.07 805,934Bank AL-Habib 29.53 29.90 29.46 29.50 -0.03 182,086

Non Life InsuranceAdamjee Ins 43.20 43.78 42.12 42.76 -0.44 13,373Ask.Gen.Insurance 8.00 8.50 8.00 8.42 0.42 1,218Atlas Insurance 36.50 36.75 35.99 36.51 0.01 1,993Cres.Star Insurance 2.00 2.20 2.00 2.00 0.00 1,065EFU General Ins 35.80 36.00 34.46 35.96 0.16 747

Life InsuranceAmerican Life 14.50 14.50 13.50 14.50 0.00 2East West Life Assur 1.40 2.34 1.40 1.40 0.00 1EFU Life Assur 65.53 68.80 65.53 65.53 0.00 157

Financial ServicesAMZ Ventures A 0.30 0.33 0.27 0.32 0.02 12,419Arif Habib Investmen 16.30 16.79 16.30 16.30 0.00 101Arif Habib Ltd. 15.19 15.59 15.00 15.17 -0.02 36,007Dawood Cap.Man XB 1.25 1.00 0.80 1.00 -0.25 5,008Dawood Equities 0.81 0.96 0.70 0.80 -0.01 90,802

Equity Investment Instruments1st.Fid.Leasing Mod 1.63 1.60 1.60 1.60 -0.03 6,000Allied Rental Mod 21.64 21.64 20.90 21.64 0.00 125Atlas Fund of Fund 5.78 5.90 5.78 5.85 0.07 250,001B.R.R.Guardian 2.24 2.32 1.92 2.24 0.00 101Cres. Stand.Mod 0.42 0.44 0.37 0.44 0.02 503

MiscellaneousCentury Paper 13.00 13.25 12.41 13.02 0.02 4,133Pak Paper Prod. 31.25 31.95 30.76 31.25 0.00 7Security Paper 36.49 36.20 35.70 36.00 -0.49 3,303P.N.S.C. 14.75 14.75 14.00 14.00 -0.75 14,621Pak.Int.Con. SD 70.17 70.17 68.21 70.17 0.00 3TRG Pakistan Ltd. 1.44 1.51 1.35 1.38 -0.06 81,508Murree Brewery 66.39 69.00 65.56 67.66 1.27 3,183Pak Elektron Ltd. 3.67 4.18 3.80 3.99 0.32 3,365Tariq GlassXD 8.35 8.78 8.30 8.48 0.13 5,094Pak Tobacco Co. 59.69 59.69 58.00 59.69 0.00 220Philip Morris Pak. 140.00 140.00 140.00 140.00 0.00 5Shifa Int.Hospitals 30.86 29.98 29.35 29.35 -1.51 2,501Hum Network Ltd. 16.25 16.49 15.75 16.44 0.19 22,594P.I.A.C.(A) 2.02 2.12 2.00 2.00 -0.02 42,203P.T.C.L.A 10.49 10.60 10.25 10.47 -0.02 460,412Telecard Limited 0.81 0.85 0.80 0.81 0.00 26,221Wateen Telecom Ltd 1.90 2.06 1.86 1.90 0.00 296,897WorldCall Telecom 1.00 1.06 1.00 1.01 0.01 117,460Sui North GasXDXB 17.01 17.84 16.95 17.02 0.01 13,539Sui South GasXDXB 19.27 19.40 19.11 19.21 -0.06 8,438EFU Life Assur 67.25 70.00 69.50 69.59 2.34 1,645AKD Capital Ltd. 26.44 26.00 25.22 25.65 -0.79 549Pace (Pak) Ltd. 1.50 1.67 1.45 1.53 0.03 106,351Netsol Technologies 9.72 9.99 9.70 9.77 0.05 29,109Pak Telephone 3.00 3.10 3.10 3.10 0.10 5,000

syMbol open high low current change voluMe

Oil and GasAttock Petroleum 402.21 409.80 402.00 407.34 5.13 94,034Attock Refinery 115.99 119.90 115.40 119.18 3.19 1,798,600Burshane LPG 22.06 22.06 21.15 22.06 0.00 289Byco Petroleum 6.89 7.00 6.87 6.95 0.06 278,943Mari Gas Co. 90.36 92.00 90.05 90.91 0.55 26,862

ChemicalsArif Habib Co SD 28.05 29.00 28.15 28.87 0.82 1,689,569Biafo Ind. 69.39 69.39 66.50 69.39 0.00 10Clariant Pakistan 153.64 153.64 152.50 153.00 -0.64 1,804Dawood Hercules 35.89 37.50 35.85 36.45 0.56 101,880Descon Chemical 1.49 1.50 1.50 1.50 0.01 2,982

Industrial metals and MiningCrescent Steel 20.00 20.79 20.00 20.00 0.00 1Dost Steels Ltd. 1.40 1.46 1.35 1.35 -0.05 6,507Huffaz Seamless Pipe 8.61 8.79 8.63 8.66 0.05 1,100Int. Ind.Ltd. 30.05 31.00 29.60 30.05 0.00 414Inter.Steel Ltd. 10.24 10.10 10.00 10.00 -0.24 9,012

Construction and MaterialsAl-Abbas Cement 1.80 1.97 1.83 1.83 0.03 3,101Attock Cement 52.69 53.00 51.02 53.00 0.31 64,581Berger Paints 14.27 14.30 13.27 14.13 -0.14 2,536Cherat Cement 7.61 7.98 7.70 7.87 0.26 903D.G.K.Cement 19.94 20.53 19.90 20.44 0.50 1,419,943

General IndustrialsCherat Packaging 25.82 27.10 25.15 25.90 0.08 8,219ECOPACK Ltd 3.60 4.10 3.26 3.90 0.30 151,477Ghani Glass Ltd 40.34 40.50 40.01 40.50 0.16 2,251MACPAC Films 7.70 8.59 7.70 8.43 0.73 3,414Merit Pack 20.50 20.50 19.48 20.50 0.00 125

Industrial EngineeringAdos Pakistan 5.25 5.99 4.60 5.25 0.00 30AL-Ghazi Tractors 161.88 161.99 158.50 158.63 -3.25 730Ghandhara Ind. 7.49 7.95 6.66 6.66 -0.83 2,005Hinopak Motor 78.54 79.95 74.62 74.65 -3.89 809K.S.B.Pumps 26.95 26.95 25.61 26.95 0.00 45

Automobile and PartsAtlas Battery Ltd. 170.00 172.89 169.00 171.50 1.50 2,700Bal.Wheels 23.60 23.70 23.70 23.70 0.10 500Dewan Motors 2.20 2.20 2.05 2.20 0.00 213Exide (PAK) 177.10 178.50 173.00 177.10 0.00 38General Tyre 16.00 16.83 15.71 16.80 0.80 1,313

BeveragesMurree Brewery Co. 110.49 111.43 109.00 111.18 0.69 1,170Shezan Int’l 150.02 150.00 145.05 145.58 -4.44 203

Mutual Funds

Fund offer repurchase nav

Alfalah GHP Cash Fund 501.2900 501.2900 501.2900 Askari Islamic Asset Allocation Fund 114.7196 111.8516 111.8516Askari Islamic Income Fund 103.6501 102.6136 102.6136 Askari Sovereign Cash Fund 100.6900 100.6900 100.6900 Atlas Income Fund 519.3500 514.2100 514.2100 Atlas Islamic Income Fund 519.0900 513.9500 513.9500Atlas Money Market Fund 516.9700 516.9700 516.9700 Atlas Stock Market Fund 453.1500 444.2600 444.2600 Crosby Dragon Fund 82.9800 81.3500 81.3500

Fund offer repurchase nav

HBL Money Market Fund 100.2768 100.2768 100.2768 HBL Multi Asset Fund 87.0103 85.3042 85.3042 HBL Stock Fund 97.6745 95.2922 95.2922 IGI Income Fund 101.8987 100.8898 100.8898IGI Stock Fund 112.3545 109.6141 109.6141 JS Principal Secure Fund I 121.5000 111.5200 117.3900 JS Principal Secure Fund II 104.1200 96.5000 101.5800 KASB Cash Fund 0.0000 0.0000 100.1087

Markets

Wednesday, 30 November, 2011

06

top 10 sectors

24% 01%Construction & Materials

Chemicals General Industrials

07%Electricity

02%03%

Fixed Line Telecommunication

01%Equity Investment Instruments

Financial Services

09%Banks35%Oil & Gas10%Personal Goods08%

International Oil PriceWTICrude Oil

$99.04

BrentCrude Oil

$109.00

STOCK MARKET HIGHLIGHTS

Index Change Volume Market ValueKSE-100 11506.94 -153.99 32,476,669 1,995,504,143LSE-25 2949.26 +20.94 959,644 31,932,529ISE-10 2607.27 +27.55 13,000 1,271,025

Major Gainers

Company Open High Low Close Change TurnoverUniLever Pak Ltd. 5493.22 5748.99 5465.00 5518.60 25.38 8Indus Dyeing XD 365.13 375.00 374.10 374.62 9.49 100Attock Petroleum 402.21 409.80 402.00 407.34 5.13 94,034Colgate Palmolive 575.00 598.00 580.00 580.00 5.00 11Engro CorpSPOT 123.09 128.15 121.60 127.24 4.15 1,434,481

Major Losers

Nestle PakistanXD 2857.33 2960.00 2730.00 2751.90 -105.43 103Siemens Pak 790.10 750.61 750.60 750.60 -39.50 259Bata (Pak) Ltd. 749.31 749.31 711.85 715.76 -33.55 1,108National Ref.XD 285.17 288.80 270.92 270.92 -14.25 508,407Hinopak Motor 78.54 79.95 74.62 74.65 -3.89 809

Volume Leaders

Fatima Fert.Co. 22.19 23.21 22.19 22.95 0.76 5,459,350Fauji Fert 55.07 55.70 53.30 54.43 -0.64 4,365,766Fauji FertilizerXD 167.68 170.30 164.10 165.47 -2.21 2,193,437Attock Refinery 115.99 119.90 115.40 119.18 3.19 1,798,600Arif Habib Co SD 28.05 29.00 28.15 28.87 0.82 1,689,569

Bullion MarketPer Tola (PKR) Per 10 Gm (PKR) Per Ounce US$

Gold 24K 56,707.00 48,668.00 1,715.00Gold 22K 51,608.00 44,245.00 –Silver (Tezabi) 1,059.00 909.00 35.05Silver (Thobi) 1025.00 880.00 –

Interbank RatesUS Dollar 88.2202UK Pound 137.6324Japanese Yen 1.1331Euro 117.9240

Buy SellUS Dollar 88.00 88.50Euro 117.18 118.55Great Britain Pound 136.82 138.32Japanese Yen 1.1238 1.1325Canadian Dollar 84.89 87.19Hong Kong Dollar 11.14 11.40UAE Dirham 23.90 24.09Saudi Riyal 23.42 23.58Australian Dollar 87.49 90.09

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Wednesday,30 November,2011

news

07 Minister for water and power,syed naveed qamar

the funds allocated for alldevelopment schemes should be spent on powergeneration schemes

Pakistan ranks 145 out of187 countries in HDI

kse brokers mullkcci-like protest

kArACHIJAVEd MAhMood

Amajority of the members of theKarachi Stock exchange (KSe) areplanning to organise a strong

protest against the SeCP and FBR as thestock market is recording the lowestturnover because of stringent requirementsof both the regulatory organisations,sources told Profit on Tuesday. The brokershave proposed a KCCI-like protest byannouncing a country-wide strike at thestock market, said sources, adding theproposal was discussed in the meeting ofthe board of directors of the KSe onTuesday. The KSe board, however,deferred the strike proposal and decided towrite a letter to the Finance Ministry,Securities and exchange Commission ofPakistan (SeCP) and the Federal Board ofRevenue (FBR) with the purpose to warnthem of announcing a strike in case theSeCP and FBR continued to enforce thetough tax and legal measures, said sources.Sources said that the strong reaction of theKarachi Chamber of Commerce andIndustry (KCCI) against the electricityloadshedding had impressed the KSemembers and now they were puttingpressure on the KSe board andmanagement to adopt the same strategy toget the stock market out of deepening crisis.These days out of 200 members of the KSe,about 120 are functional and a majority ofthe functional brokers are facing problemsin running their offices because of a verylow turnover of trading which is the mainsource of their income. The stock market isrecording an average of 20 to 40 millionshares turnover, as a majority of theinvestors and jobbers have disappearedfrom the market. The SeCP and FBR aretrying to find out details about the source ofincome of brokers, investors, payment oftax, assets, expenditures, etc. Recently, theSeCP and the FBR have written separateletters to the stock markets managements,asking them to get details from theirmembers about their assets, sources ofincome, payment of tax, etc., Sources saidthat the SeCP and the FBR are frequentlydemanding different information from theKSe and brokers, a tendency that hadirritated the stock market’s stakeholdersand badly hurt the investment sentiment.For example, in 2008, the KSe used torecord about 400 to 450 million sharesdaily, but now this trading volume haddropped below 40 million shares. In 2008,the value of the KSe’s membership wasaround 145 million rupees, but now nobodyis willing to buy the membership even onhalf the price, fearing penetration of theSeCP and the FBR while the market wasseeing the lowest turnover.

ISLAMABADJALALuddIn RuMI

According to a report launched byUnited Nations DevelopmentProgramme (UNDP), Pakistanranks 145 out of 187 countries

and territories this year while India is at 134and Bangladesh at 146 in human Develop-ment Index (hDI) . Pakistan’s hDI valuefor 2011 is 0.504, in the low human devel-opment category, positioning the country.Between 1980 and 2011, Pakistan’s hDIvalue increased from 0.359 to 0.504, an in-crease of 41.0 per cent or average annual in-crease of about 1.1 per cent. In 2010’s hDR,Pakistan was ranked 125 out of 169 coun-tries. however, it is misleading to comparevalues and rankings with those of previ-ously published reports, because underlyingdata and methods have changed, as well asnumber of countries included in hDI.

Gender Inequality Index (GII) reflectsgender-based inequalities in three dimen-sions reproductive health, empowerment,and economic activity. Pakistan has a GIIvalue of 0.573, ranking it 115 out of 146countries in the 2011 index. In Pakistan,21.0 per cent of parliamentary seats areheld by women, and 23.5 per cent of adultwomen have reached a secondary orhigher level of education compared to 46.8per cent of their male counterparts. Forevery 100,000 live births, 260 women diefrom pregnancy related causes; and ado-lescent fertility rate is 31.6 births per 1000live births. Female participation in labourmarket is 21.7 per cent compared to 84.9for men. In comparison, India andBangladesh are ranked at 129 and 112 re-

spectively on this index. In Pakistan,women’s parliamentarian representationhas improved with 21 per cent of parlia-mentary seats held by women. GII reflectsgender-based inequalities in three dimen-sions – reproductive health, empower-ment, and economic activity. Pakistan hasa GII value of 0.573, ranking it 115 out of146 countries in 2011 index.

In GII, South Asian women are shownto lag significantly behind men in educa-tion and labour force participation. Multi-dimensional Poverty Index (MPI)identifies multiple deprivations in thesame households in education, health andstandard of living. In Pakistan 49.4 percent of the population suffer multiple dep-rivations while an additional 11.0 per centare vulnerable to multiple deprivations.The breadth of deprivation (intensity) inPakistan, which is the average percentageof deprivation experienced by people inmultidimensional poverty, is 53.4 per cent.MPI, which is the share of population that

is multi-dimensionally poor, adjusted byintensity of deprivations, is 0.264. Indiaand Bangladesh have MPIs of 0.283 and0.292 respectively. Norway, Australia andthe Netherlands rank the highest in hDIwhile Democratic Republic of the Congo,Niger and Burundi are at the bottom.

Deputy Chairman Planning Commis-sion of Pakistan Dr Nadeem-ul-haq saidthe country needs to improve governanceat every level.” We need to change the en-tire software of the country starting frompolicy decisions to management of cities toimprove human development index, youthneeded to be involved in development”. hesaid that we need to develop our cities asper international standards.

UNDP country Director ToshihiroTanaka said Pakistan is among those coun-tries which are being affected by climatechange and we can say recent floods andrains and even earthquake of 2005 is a resultof climatic change. hence government alsoneeds to focus on improving environmental

conditions he added. Dr Adel Najam viceChancellor, Lahore University of Manage-ment Sciences said recent disasters, likefloods, earthquake, law and order is said tobe main reason for below human index Pak-istan, that is affecting from the conflict in theregion. Bushra Gohar, Member National As-sembly said development progress in world’spoorest countries could be halted or even re-versed by mid-century unless bold steps aretaken to slow climate change, prevent furtherenvironmental damage, and reduce deep in-equalities within and among nations.

2011’s report argues that environmen-tal sustainability can be most fairly and ef-fectively achieved by addressing health,education, income, and gender disparitiestogether with global action on energy pro-duction and ecosystem protection. It fur-ther warns that South Asia must overcomeacute poverty and internal inequalities tomaintain current rates of progress. Ac-cording to Report, South Asia has theworld’s highest levels of urban air pollu-tion in its ranks, with cities in Bangladeshand Pakistan suffering from acute air con-tamination. The report also warns that de-teriorating environmental conditions andincreasingly extreme weather conditions —such as severe floods that have hit Pakistanfor two years in a row—could undermineeconomic progress in many countries inthe region. In addition to providing deeperunderstanding of how environmental sus-tainability is inextricably linked to inequal-ity, the annual report also provides humanDevelopment Index (hDI) which meas-ures national achievement in health, edu-cation and income. It was Pakistan’s lateeconomist Mahbub ul haq, who devisedhDI in the first human Development Re-port in 1990 together with the Nobel lau-reate, Amartya Sen.

kArACHIGhuLAM ABBAS

AFTeR entrance of ChineseCompanies in Thar Coal projectwith investment of over $9 bil-lion through the recently

signed Memorandum of Understandings(MoUs) with government of Sindh,Japanese and Korean firms have alsoshown interest in this important project.This, while talking to Profit, was said byMohammad Younus Dagha, SecretarySindh Coal and energy department.

In recent negotiations with JapaneseAmbassador, he claimed, government ofJapan has also committed to invest in theproject through Japan International Coop-eration Agency (JICA), under its economicassistance programme. This was anothersuccess for inviting foreign investment inthe project after two largest companies ofChina had entered the project this month.A Korean company was also negotiating

with Sindh Board of Investment to enterinto the coal mining project. The foreignfirm was expected to take part in scheduledbidding of four blocks of Thar Coal projectnext month. In the scheduled bidding,three companies from China, two fromKorea, and a consortium of Germany andCzech were also expected to take part, heclaimed. Under fresh bidding, the secre-tary said, foreign investment was likely tobe made for almost 2000-megawattspower and mining projects in Thar.

More international giants in coal andcoal mining sectors were expected tocome to Pakistan. Younus Dagha, who isalso Managing Director of Thar Coal andenery Board, said international giantshad started taking interest after a success-ful investment conference held last monthin which foreign companies were briefedabout the project.

earlier, according to the secretary,Coal and energy department of govern-ment of Sindh had successfully attracted

attention of two of the largest Chinese en-ergy companies M/s China Three Gorgesand M/s Orient Group which had signedseparate MOUs with provincial govern-ment in Beijing this month.

Mr Wang Shaofeng vice Chairman ofCTG (China Three Gorges Corporation)and Mr Mohammad Younus Dagha, Sec-retary Coal and energy had signed MOUon 15th November, whereby CTG hasshown its willingness to participate in In-ternational Competitive Bidding for TharCoalfield’s blocks vIII, IX and X as well asfor Sonda Coalfield. The proposed projectwill be for coal mining and power genera-tion of 4000 MW with an investment ofaround $8 billion.

M/s China Three Gorges is one of thelargest Chinese companies and has, to itsaccount, several energy projects in Chinaand abroad including the world’s largestThree Gorges Dam. Apart from participat-ing in future projects in Thar Coalfield,CTG has already purchased the ready

project in Sindh’s Sonda Coalfield inThatta, earlier developed by M/s CMC ofChina for a 400 MW coal mining andpower generation project.

M/s CTG also signed two other MOUswith the provincial government for windpower generation project of 1000 MW andWind Turbine manufacturing facility nearNooriabad. Another MOU was signed be-tween Mr hongwei Zhang, Chairman ofOrient Group and United energy Group(UeG) and Secretary Coal and energy whoalso hold charge of Secretary Investment.MOU covers both coal power project andwind energy project, in Sindh. The group,again one of the largest in China, has showninterest in developing coal based powerplants in Thar and Badin Coalfields. It hasalso acquired letter of intent for a 150 MWproject in wind in first two years which thecompany intends to scale up to 500 MW infour years. M/s UeG has already investedin Oil fields of Badin by acquiring BritishPetroleum’s concessions in the district with

investment of several hundred dollars. Newendeavours of UeG will bring another in-vestment of around $1.2-2.5 billion. In thefive blocks of Thar Coal project, two UKbased companies including Cougar energyand Oracle Coalfield-PLC, Global MiningCompany of Japan and local firms likeSindh engro Coal Mining Company wereworking on various stages.

Presently, Younus Dagha said, workon infrastructure development in on thehorizon. This includes improvement ofroad networks, effluent treatment sys-tem, water supply project from MakhiFarash, Alternate supply-waste waterfrom LBOD, Transmission Line from Ma-tiari to Thar CF and Thar airport, with theinvestment of Rs9.6 billion, Rs4.0 billion,Rs27 billion, Rs9.0 billion, Rs21 billionand Rs800 million respectively. Besidesproject including Thar Lodges in Is-lamkot-30 bedded, Reverse OsmosisPlants for potable water and rescue sta-tion have already been completed.

Japanese, korean companies express interest in thar coalg chinese firms enter thar with over $9 billion investment: sec’y sindh coal and energy dpt g ueg to bring another investment of around $1.2-2.5 billion

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